Spectris announces special dividend

20 February 2020 | 07:28am

StockMarketWire.com - Spectris has reported an adjusted operating profit boost of 3.7% for 2019, increasing to £258.1 million, and proposed a £175 million special dividend and share consolidation, in its full year results announcement.

Like for like sales at the company grew 0.4% over the 12 months to December 31, 2019 to £1,632 million.

The results statement also showed a 50-basis point expansion in its adjusted operating margin on a like for like basis.

Adjusted earnings per share were up 1.9% in 2019, while the company has reported a dividend per share increase of 6.7%.

Andrew Heath, chief executive at Spectris, said: 'The successful delivery of our profit improvement programme, combined with an increased emphasis on deploying the Spectris Business System, enabled us to deliver increased profit and operating margin expansion, against a weakening macroeconomic backdrop. Cashflow improved significantly in the year and we successfully completed the sale of BTG and announced the sale of the EMS Bruel & Kjaer joint venture.

'Absent a material impact from coronavirus, for 2020, we anticipate that markets will remain challenging in the first half with a recovery only currently forecasted to emerge later in the year. We expect limited top-line growth and will, therefore, continue to concentrate on self-help initiatives to drive further cost-efficiency and ensure a more resilient and profitable business.'

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